Selected Topics Economics

Introduction and consolidation

The students are able to: • Name the essential components of a market model and discuss market equilibrium as the interaction of supply and demand. • Name the determinants of consumer demand and explain the response to external factors such as income changes. • Explain both potentials and limitations of market models based on real markets such as housing or labor markets and extend abstract models with increased realism. • Understand production decisions in companies and to interpret the influences of market forms on price setting. • Examine and critically evaluate current developments on the basis of models. • Name the main components and institutions of an economy and explain how they function. • Name macroeconomic indicators such as gross domestic product or consumer price index and explain their content. • Independently research indicators for economic growth and inflation and present current developments.

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Core Topics: • Economic thinking and marginal analysis • Efficient allocation of scarce resources • Market model and market equilibrium • Macroeconomic variables (GDP, inflation and unemployment) and the interrelationships Selected economics topics: • Elasticity and welfare • Cost functions and optimal firm production • Price setting and market forms • Short-term economic fluctuations: Business cycle • Money, the ECB and inflation • Long-term economic growth • International relations and trade

• Krugman, P., R., Wells, 2017. Volkswirtschaftslehre. 2nd edition. Munich: Schäffer Poeschel • Pirounakis, N., 2013. Real Estate Economics: A Point-to-Point Handbook. UK: Routledge. • Maier, G., F., Tödtling, 2012. Regional- und Stadtökonomik 1: Standorttheorie und Raumstruktur. 5th edition. Vienna: Springer • Maier, G., F., Tödtling, 2012. Regionalentwicklung und Regionalpolitik. 4th edition. Vienna: Springer • Rottke, N., M., Voigtländer, 2017. Immobilienwirtschaftslehre – Ökonomie. Wiesbaden: Gabler Verlag

Term paper and presentation

German

10

30

5.0

Blended Learning

3

Director of Studies

VWL

integrated lecture

Compulsory

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